Griffin Asset Management Inc. Acquires 4,070 Shares of Dover Co. (NYSE:DOV)

Griffin Asset Management Inc. grew its holdings in shares of Dover Co. (NYSE:DOV) by 8.3% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 53,275 shares of the industrial products company’s stock after buying an additional 4,070 shares during the period. Dover makes up 1.1% of Griffin Asset Management Inc.’s investment portfolio, making the stock its 28th largest holding. Griffin Asset Management Inc.’s holdings in Dover were worth $9,359,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of DOV. EverSource Wealth Advisors LLC boosted its holdings in shares of Dover by 79.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 197 shares of the industrial products company’s stock worth $37,000 after buying an additional 87 shares in the last quarter. Orion Capital Management LLC bought a new position in shares of Dover in the 4th quarter worth $43,000. Mainstream Capital Management LLC bought a new position in shares of Dover in the 4th quarter worth $61,000. Catalyst Capital Advisors LLC bought a new position in shares of Dover in the 4th quarter worth $68,000. Finally, Ameriflex Group Inc. bought a new position in shares of Dover in the 4th quarter worth $69,000. 84.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Robert W. Baird cut their target price on Dover from $238.00 to $219.00 and set an “outperform” rating on the stock in a report on Friday, April 25th. Morgan Stanley assumed coverage on Dover in a report on Monday, April 14th. They issued an “equal weight” rating and a $185.00 target price on the stock. JPMorgan Chase & Co. increased their target price on Dover from $190.00 to $211.00 and gave the stock an “overweight” rating in a report on Friday, May 16th. Royal Bank of Canada restated a “sector perform” rating and set a $176.00 price objective on shares of Dover in a research note on Friday, April 25th. Finally, Wall Street Zen cut Dover from a “buy” rating to a “hold” rating in a research note on Wednesday, March 26th. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Dover currently has an average rating of “Moderate Buy” and an average target price of $208.58.

Dover Trading Down 1.4%

Shares of Dover stock opened at $176.27 on Friday. Dover Co. has a 1 year low of $143.04 and a 1 year high of $222.31. The firm has a market cap of $24.17 billion, a PE ratio of 9.06, a P/E/G ratio of 2.06 and a beta of 1.27. The stock has a fifty day moving average price of $173.47 and a 200-day moving average price of $185.39. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.04 and a quick ratio of 1.52.

Dover (NYSE:DOV) last announced its earnings results on Thursday, April 24th. The industrial products company reported $2.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.99 by $0.06. Dover had a return on equity of 21.03% and a net margin of 32.95%. The firm had revenue of $1.87 billion during the quarter, compared to analyst estimates of $1.88 billion. During the same period last year, the firm posted $1.95 EPS. The business’s revenue was down .9% compared to the same quarter last year. Equities research analysts anticipate that Dover Co. will post 9.45 EPS for the current year.

Dover Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Investors of record on Friday, May 30th will be issued a $0.515 dividend. This represents a $2.06 annualized dividend and a yield of 1.17%. The ex-dividend date of this dividend is Friday, May 30th. Dover’s dividend payout ratio (DPR) is currently 12.41%.

Dover Profile

Dover Corporation provides equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services worldwide. The company's Engineered Products segment provides various equipment, component, software, solution, and services that are used in vehicle aftermarket, waste handling, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing end-market.